Updated

Updated · Fortune · Sep 1

Apple Grants CEO John Ternus $55 Million Equity Award as Tim Cook Shifts to Executive Chair

Updated

Updated · Fortune · Sep 1

Apple Grants CEO John Ternus $55 Million Equity Award as Tim Cook Shifts to Executive Chair

Q: As Apple hits a $5 trillion valuation, what secret products is the new CEO hiding for the upcoming launch?

Apple is not “hiding” any confirmed secret products; the only solid fact from John Ternus’s memo is that Apple has a “huge launch next week.” Based on the reporting and rumor trail around the Sept. 9 “Surprise and Shine” event, the most likely unveilings are the iPhone 18 Pro, iPhone 18 Pro Max, new Apple Watch models, updated AirPods, and possibly Apple’s first foldable iPhone, widely rumored as the “iPhone Ultra.” The foldable iPhone is the biggest potential surprise. Multiple reports suggest a book-style device with a roughly 7.7-inch inner display and 5.3-inch outer display, a premium titanium build, Touch ID in the power button instead of Face ID, and a starting price above $2,000. It is also expected to run special iOS 27 multitasking features tailored for the foldable form factor. Still, Apple has not confirmed the product, name, specs, price, or shipping date. Beyond that, the strongest expectations center on the iPhone 18 Pro line, likely featuring the A20 Pro chip, a smaller Dynamic Island, camera upgrades including variable aperture, and Apple’s next in-house modem. Apple Watch Series 12 and Ultra 4 are also widely expected, with faster chips and health-tracking improvements, while AirPods 5 may arrive in two versions, including one with active noise cancellation. Ternus’s memo signals confidence and continuity, but not specifics. For now, the “secret products” remain educated guesses, with the foldable iPhone standing out as the most closely watched possibility.

3 articles · Updated · Fortune · Sep 1

$55 million is the target value of John Ternus' annual equity award for fiscal 2027, approved by Apple's board as he begins his first week as CEO.
Apple also raised Ternus' salary to $3 million and granted $2.5 million in prorated RSUs for the remainder of fiscal 2026, with 75% of next year's award tied to Apple's shareholder return versus the S&P 500.
Tim Cook, after 15 years as CEO, will take a $2 million salary later this month and receive a $45 million target equity award, while remaining executive chair during the transition.
The structure mirrors Cook's later performance-based pay rather than the one-off 1 million-RSU package he received in 2011, as Ternus heads into a September 9 product launch he has already called 'huge'.